Wall Street Banks Lift Pay for Junior Bankers

Wall Street banks, under pressure to improve working conditions for junior employees, are raising salaries.

A host of big banks including Goldman Sachs Group Inc., J.P. Morgan Chase & Co., Citigroup Inc., Bank of America Corp. and Morgan Stanley have decided to raise pay or are seriously considering the move for many junior bankers. The pay hikes, which are generally coming in the form of salaries as opposed to year-end bonuses,...